What this market covers
A metal used mostly as a hardening alloy in steel and also in chemicals, titanium alloys and batteries. Steel makers, aerospace firms and battery developers buy it as ferrovanadium and oxides.
Typical segments
- Ferrovanadium
- Vanadium pentoxide
- Vanadium chemicals
- Titanium alloy additive
Why this market is moving now
- World trade shrank 52% from 2019 to 2024, a direct read on cross-border demand.
Key figures
Global figures for this market, with the year each one describes. Use Cite to copy a reference to this page.
| Figure | Value | Year | Cite |
|---|---|---|---|
| World exports of vanadium (HS 720292) were worth $671.8 million in 2024. | 671.8 USD million | 2024 | |
| World exports were 52% lower in 2024 than in 2019 ($1.40 billion), calculated from the annual totals. | -52 % since 2019 | 2024 | |
| Austria was the largest exporter in 2024, with 20% of world exports ($134.6 million). | 20 % of world exports | 2024 | |
| The three largest exporters, Austria, China and the Czech Republic, shipped 55% of world exports in 2024. | 55 % of world exports | 2024 | |
| The United States was the largest importer in 2024, buying $87.7 million, or 13% of world imports. | 13 % of world imports | 2024 | |
| 26 countries exported more than $1 million of this product in 2024. | 26 countries | 2024 | |
| The average world export price was about $19.65 per kilogram in 2024, calculated from value and weight. | 19.65 USD per kg | 2024 | |
| Countries exported 34.2 thousand tonnes of this product in 2024. | 34.2 thousand tonnes | 2024 |
Calculated figures (shares, changes and prices per kilogram) are plain arithmetic on the reported values. Read how we work.
Buyers and suppliers
Who buys
- Steel producers
- Aerospace suppliers
- Energy storage developers
Largest exporting countries, 2024
Largest importing countries, 2024
What the full report covers
- 01Executive summary
The answer in one page: size, direction and what moves it - 02Market definition and scope
What is in and out of the global market - 03Global market size, 2021 to 2025
Historical series and growth rates - 04Countries and regions
Demand, supply and trade by country and region - 05Outlook to 2031
Base, low and high scenarios with stated assumptions - 06Rules, policy and deadlines
Regulation and programmes that change demand - 07Drivers and barriers
What accelerates or slows adoption, by customer segment - 08Prices, costs and margins
Unit economics where public data allows - 09Competitive landscape
8 to 12 company profiles with recent moves - 10Opportunities and risks
For new entrants, suppliers and investors - 11Method and assumptions
How every figure was built
Included with the full report
- PDF report, 40 to 60 pages
- Excel data pack
- Ready-to-use charts
- Method note and assumptions
- Written to order in 5 working days
Frequently asked questions
How big is the global vanadium market?
There is no single official market total. World exports of HS 720292 reached $671.8 million in 2024, a direct measure of cross-border trade.
Which countries export the most vanadium?
Austria led world exports in 2024 with 20% of the total, followed by China, the Czech Republic and South Korea.
Which countries import the most vanadium?
The United States was the largest importer in 2024, followed by the Netherlands, Germany and Japan.
Is world trade in vanadium growing?
World exports were 52% lower in 2024 than in 2019.
What is the average export price of vanadium?
Dividing world export value by weight gives about $19.65 per kilogram in 2024.
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